Studying EIA figures and second guessing OPEC is an exercise in futility. Suppy/demand figures for oil reminds me of the definition of "prime rate". In years past there was a brouhaha over who got a banks' "prime rate" and a debate over what "prime rate" really meant. It turns out that a bank's "prime rate" is whatever a bank says it is - it isn't a bank's lowest rate or the rate it gives it's best customers. Likewise, it appears that the supply and demand for crude oil is whatever "big oil" (Exxon, British Petroleum, Royal Dutch/Shell, Texaco, et al) say it is. OPEC is merely peeing into the wind.
Could it be that the "big oil" boys are up to something? Marc, I have to admit I had to chuckle when you answered a request for information on investing in the oil sector by suggesting (among other things) that the newcomer read The Prize. In retrospect, you seem to have been right on target. "Big oil" is a club, and they do meet regularly - and not necessarily secretly in Scotland; they certainly were in Capetown, recently, right along with OPEC - and "big oil" is definitely focused on "the prize". Our former CIA Chief, and President, George Bush, was in Kuwait last week. I personally doubt if the price of oil rises before Kuwait opens it's doors to "big oil" - I believe Saudi Arabia is already cooperating.
Slider, I remember you asking Redman his favorite steel stock (his was NUE). Check out INMT - this slingshot is pulled back about as far as it can go.
Best of luck,
Steve
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